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09-17-2023, 03:59 PM #1
Mobile home vs modular home for property financing
Two of you called me this week about doing financing for prospects with mobile homes.
Let me clarify:
If your client has a modular home, that is considered a single family residence and be treated as such doing a hard money or traditional property loan.
If it is a mobile home it isn't. How to determine that....a mobile home has a VIN - Vehicle Identification Number. A modular home doesn't have a VIN
A mobile home may have axles and may have had wheels.
Again a modular home doesn't.
Anyone who calls and says they have a mobile, alway ask if it has a VIN.
That will determine if you can help them or not.
Reach out if you need any help.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
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@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
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